Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market worth $50.2 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 23, 2023 /PRNewswire/ -- The Global Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market size is expected to grow from USD 22.3 billion in 2022 to USD 50.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.6%  during the forecast period, according to a new report by MarketsandMarkets™. 

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Indoor segment to grow at the highest CAGR during the forecast period

Indoor positioning uses magnetic fields, acoustic signals, radio waves, or other sensory data acquired by linked devices to monitor all the data, objects, or people inside an enclosed space. The technology aids in real-time monitoring of data recording to visualise visitors' preferences and activity. Prior until now, GPS served the same function. However, indoor location positioning solutions were established as a result of signal interference from hard walls. For interior navigation, there isn't a single accepted technique like there is with GPS. For instance, although Broadcom's chip supports indoor location systems via Wi-Fi, Bluetooth, and NFC, Google tracks a user's whereabouts using Wi-Fi technology. In order to give location-based information and services to iPhones and other iOS devices, Apple released iBeacon, a BLE-based technology.

Location-based health monitoring segment is expected to grow at a higher CAGR during the forecast period

A growing number of LBS-based applications are focused on healthcare, including, among others, fall detection, exercise and fitness monitoring, remote health monitoring, and lone worker protection. In recent years, it has been popular to combine LBS with various wearable sensors (that can measure body temperature, blood pressure, and heart rate) in order to monitor health and deliver individualized healthcare services and information. LBS is also utilised as assistive technology to help the elderly, those with disabilities, and those who are visually impaired carry out their everyday tasks independently and enjoy a higher quality of life. These assistive devices offer assisted-living features including independent shopping, customised navigation, obstacle detection, and spatial perception. The recent fitness movement was substantially impacted by the rising knowledge of preventive healthcare.

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North America region to record the highest growing region in the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market

The LBS and RTLS market currently has the greatest market share in North America. The US and Canada are the two countries that contribute most to the global market. By region, the LBS and RTLS market belongs to the US the most. In the US, some of the key verticals generating income for the LBS and RTLS markets include retail, manufacturing, transportation & logistics, and government. Increased technology development, rising LBS and RTLS industry standards, and rising financial backing from the governments of numerous North American nations are all factors contributing to the region's prosperity. In the LBS and RTLS markets, there have been an abundance of startups in the area.

Key and innovative vendors in the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market are AiRISTA Flow (US), Apple (US), Aruba Networks (US), CenTrak (US), Cisco (US), Ericsson (US), ESRI (US), GE Healthcare (US), Google (US), HERE (Netherlands), IBM (US), KDDI (Japan), Leantegra (US), Microsoft (US), Navigine (US), NTT Docomo (Japan), Oracle (US), Qualcomm (US), Quuppa (Finland), Sewio Republic (Czech Republic), Spime (US), Identec Group (Liechtenstein), Infor (US), TeleTracking Technologies (US), MYSPHERA (Spain), Stanley Healthcare (US), Teldio (Canada), TomTom (Netherlands), Ubisense (UK), Zebra Technologies (UK).

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